Source: Beawiharta Beawiharta / Reuters / cfr.org
Asean Briefing: ASEAN to Increase Local Currency Trade, Reducing Reliance on the US Dollar
ASEAN members have agreed to increase the use of local currency transactions and push for a better regional payment connectivity, in a move that could be seen as a continuing shift in de-dollarization in the region.
At the 42nd ASEAN Summit, held in Labuan Bajo, Indonesia, ASEAN members signed an agreement to push for better regional payment connectivity and the use of local currency transactions (LCT). The move is seen as the bloc’s strategy to transition away from established currencies used for trade, such as the US dollar.
The US dollar has been king for global trade for decades. This is not only because the US is the world’s largest economy, but also because oil and most commodities are priced in US dollars. However, since the Federal Reserve embarked on its aggressive interest rate hike strategy, central banks of developing countries have been forced to raise their own interest rates to stem the sharp depreciation in their currencies.
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WNU editor: Another sign that the U.S. dollar is losing its status as the world's reserve currency.
10 comments:
Putin's multipolar world at full steam or Biden vice versa...
DemoCRAPS NeoCONS and globalists are doing all they can to ruin the u.S. while trying to avoid another Trump election. LOL Trump will be re elected.Get ready for the shit to hit the fan.
a former retired wet dream cum tru
520
you a crude creep
This is trend, the pull away from the dollar. I hope you all see it. The last 6 months have been telling. More and more we read these reports about nations looking for alternate currency exchange/use.
The trend is not good.
By now, we all know that our large debt and spending is possible due to the US dollar being the worlds exchange mechanism. If, and that is a big if, that changes we are in a hurt locker. Our current spending and debt policies will become unsustainable. That means a host of fiscal policy changes and procedures, which will probably lead to social unrest and hardship.
At key event to watch will be the ST Petersburg economic summit next Month and what happens with the debt ceiling situation..
I heard a report that 81 nations are planning to join the BRICS organization. Not good.
Now you can blow this off all you want and say it does not matter. But I will counter with this.
Since the dollar replaced the British pound as the medium of world exchange, there has NEVER been a trend like we are seeing now.
It is historic.
It may be the harbinger of change.
To just blow this off is unwise. Keep your eyes open.
I am left watching, like the Ukraine/Russian war, never really trusting any source reporting on the war. While I see the globalist/billionaire/banking negative trends in the western world and how the globalhomo value system is an offense to so much of the world, and the financial bullying to push these value agendas, I ask myself what are the real options for these other countries. China? the Yuan? China's debt to GDP is 280%. ours is 122%. China's demographic issues are far worse than ours. They have a huge population they struggle to feed because they have poisoned so much of their water supply. While our diplomats bring corruption with occasional bullying, China's diplomats bring corruption with a touch of Cartel like influence. I just wonder if this isn't a trend that will hit a wall. Another thing about China is that the people can't shift the course of their country. The US system allows the people to shift the course of its country. Anyways, there are a lot of reason I am concerned about the course of the U.S., Not sure I want to be the Chinese.
Ron
Hope you are right buddy. But it does not look good for the home team.
You did not see this kind of crap 20 years ago or even 5 years ago. But all we can do is wait and see.
thanks to the drooling old pervert leading he USA and also the entire Democrat party with their unrestrained spending that caused this inflation. Also the FED with their continued printing of paper money.
From my perspective King Dollar has been a catastrophe coming home to roost to the USA and the world. It led to America's vast federal budget deficit, its vast world wide defense spending to protect nations like Saudi Arabia and the Middle East, it's led to a global war on terror and the deep state in the USA destroying our freedoms. The USA will go thru a soul sucking adjustment of many years but hopefully at the end of it a nation free of the national security cancer results as well as an economy dedicated to managing foreign exchange and its vastly lower public spending.
The printing has been going on for a while. Agree with the old pervert comment but Trump was all about spending and lowering interest rates also. Heck haven’t met a politician that wasn’t about spending $$ except Rand Paul. But the democrats are selling this country down the sewer. That and the green new scam for wasting money. With the deep state being what it is not sure a re-elected Trump can turn it around.
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